Granite Ridge director Miller buys $3,083 in company stock

In a recent transaction, Matthew Reade Miller, a director at Granite Ridge Resources, Inc. (NYSE:GRNT), acquired additional shares in the company. On September 13, 2024, Miller purchased 495 shares of common stock at a price of $6.23 per share, resulting in a total investment of $3,083.


This purchase was made through an automatic dividend reinvestment plan as part of a brokerage account, indicating a routine financial activity rather than a discretionary buy. Following this transaction, Miller now owns a total of 692,991 shares of Granite Ridge Resources.


Investors often monitor insider transactions such as these for insights into how company executives view the stock's value and prospects. However, it's important to note that such transactions can occur for a variety of reasons and may not always reflect the executive's outlook on the company's future performance.


Granite Ridge Resources, Inc., headquartered in Dallas, Texas, operates in the crude petroleum and natural gas industry. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol GRNT.InvestingPro Insights


As Granite Ridge Resources, Inc. (NYSE:GRNT) sees insider activity with Matthew Reade Miller's recent stock purchase, investors are keen to understand the broader financial health and prospects of the company. According to InvestingPro data, Granite Ridge Resources has a market capitalization of $835.45 million and is trading with a P/E ratio of 14.86. The company's revenue for the last twelve months as of Q2 2024 stands at $371.05 million, with a notable gross profit margin of 82.21%, underscoring its efficiency in managing production costs relative to sales.


InvestingPro Tips reveal that Granite Ridge Resources pays a significant dividend to shareholders, boasting a dividend yield of 6.98% as of the latest data. This dividend yield is particularly attractive for income-focused investors. Moreover, the company operates with a moderate level of debt, which could be a reassuring factor for those concerned about financial stability.


For investors looking to delve deeper into the company's performance and insider perspectives, there are additional InvestingPro Tips available at https://www.investing.com/pro/GRNT. These tips include insights on earnings revisions, stock volatility, liquidity, profitability predictions, and more, providing a comprehensive view of Granite Ridge Resources' financial landscape.


With 6 additional InvestingPro Tips listed for Granite Ridge Resources, investors have access to a wealth of information that can help inform their investment decisions and gauge the potential risks and rewards associated with the company's stock.

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Source: Investing.com